New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-11-02
THE PETROLEUM MARKET

NEWS FROM THE FIELD AND RANGE OF PRICES
There was great disappoin ment at yesterdays crude
certificate market on part Of those who looked for the
shutdown movement OF the Pennsylvania plOauc'is "
90 into effect with loud clap OF thunder and with sky
rockeng performance that would open prices IN me u
air. At disappointment was felt by those uaoef-
who talked they entertained such notions regarding
what would happen November /, 1857 But such
people are either shOrt market most eases OF
bcarlshly inclined Of the mentality 10 have hair eA-
pecef the tolns Of the bell Independence Day. LOO
10 unblcd the OF the head Of King GEORGE
The opened al slight advance over MON
day night In the face advce from the SaNonburR
field 1t made fractional advance above 73 cents ana
then held under periodical hamnrcrnS most Oh inc
time. a decln, OF cent fIOm the top figure Was
achieved by the bcas. but the last price was shade
higher than Mondays close. The most important news
Of the day. beyond the announcement that the cutting on
OF production had begun, 70 the en'c, that the "on"
VOL al eaNUnburc had been shot win heavy chase o'
nroslycerine. responding with Tow OF 81 barrels an
hour Iae there was decline % barrels ndaiter The
market cnded word that the Tow had risen to 80
barrels an hour. Another imminent well, he IToundn'
wac showing for dry hole or small well
There were indications when the market closed that the
bears would renew their attack On values today on a
revival OF alarming SaNOnburg ana Jeers at the
result beginning Of the shut7own movement. II 10
also argued that N O0er the SaAOnbufg producers
into the plan Of cural It win be to the interest Of
the standard a depression. Without pretending
10 limit the length which any reaction may 20, 1t "a
worth while Of investors 10 consider fc~ facts
saxonburg may prove be- Geld OF dangerous maenuae
although this Is apparent now, but IL Is only an
ord y good pool the quicker the owners are allowed
10 define It, riddle and Their supply 10y torpedo
,na, the better II viii be for the trade. It viii
be no object for any power ADOPT ARTIFICIAL means TO
discourage opera there by 10" and thereby
hasad the OF the impor experiment now begun
IN The OIL ind Bus the agreement for the shutdown
producers cOubi-
fuln IT. engagements Tor the year within that
the 100000 barrels that H." Standard has aside
90 cents plus regular Tor the benefit OF the
combination surely readily b. sold al good prcht u
STOCKS being the rate 81 100000 barrels
month Ana moro ample provisions ia the agree
ment for Ia" forfeiture o. pIOns by operators who violate
any OF IT. clauses. The plan pFesents every inducement 70
In" weLOwHcr- outside Of question OF good id'lh V"
carry out their part OF The contract 1t Will indeed re-
quire Developments in SaNOnbuTg 10 OFFSET IN" IN
fuencc Nkely 10 b. caused tho hons and fOrrgn
leg trade. wen the spirit Of sIrculd ION. Oy
possible ic1uct the visible supply ~ American crude
4 20 shut down movement or neccs
SIG arbitrary In It, details and II may b' month
before lts full effects are apparent But NJ the
every for confidence in us eucc' 81
and the consciousness OF this that locks up cor
hcstes in the hands OF investors and "cikens ne ann
OF bear element. reinforced by new held
10 disturb aught but weakly held goods -
The Of prices and the total dealings al the Cpl
solidrei CNchan9'. were ~ follows:
Opening - 34s}. highest 70 j5, lowest - 1-s ma
70 Sales. barrels 9.sb1ND
The refined OIL mark" - held brnly At o - Gems pei
gallon Abel test, al all ports